Back in 2014, former Reddit CEO Yishan Wong notoriously promised not to ban “questionable subreddits” in a since-deleted company blog post about r/TheFappening, titled “Every Man Is Responsible for His Own Soul.” Just months later, the company conspicuously rescinded the policy under his ill-fated interim successor, Ellen Pao. Reddit’s senior leadership in recent years has more aggressively sought to turn the platform profitable, but also, in a more nebulous sense, make it respectable on the eve of a long-delayed, much-anticipated IPO. This made Reddit off-putting and dangerous to a lot of people, but it also reflected a distinct willingness to let subcultures flourish on their own terms. Reddit was once a den of inflammatory conversations about subjects now collectively regarded as “the culture war”: Trumpism, progressive gender norms, ethics in video game journalism, and so on. No, in fact, Reddit has despite itself become an indispensable suffix to search engine queries and the preferred social media platform of normies.
It isn’t Twitter, with its pseudo-celebrities and borderless discourse, but it also isn’t 4chan, with its janky layout and lawless degeneracy. Do most posters on r/redscarepod even listen to Red Scare?! I have so many other questions for so many other subreddits, but the truth is, Reddit is rather positively defined by its chaotic coherence. TIL r/grilledcheese (1) exists and (2) has nearly half a million members. There are two different subreddits for saxophone enthusiasts, and I’m not entirely sure why there isn’t just one. r/wallstreetbets is one of more than 130,000 active subreddits, each with its own backstory, norms, and quirks. u/DeepFuckingValue was just some guy, and r/wallstreetbets was its own little subculture. Who you really are doesn’t really matter on Reddit.
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Facebook and Instagram were explicitly designed to flatter the individual user, and while Twitter loosely gestured at the deliberative ideals of a “town square,” realistically it was an attention economy with social hierarchies and professional stakes, political clout, personal brands, and “main characters.” Reddit, in contrast, is the vestige of a now very old-fashioned and tragically half-dead web ideal: low-stakes anonymity. There are stupid people on every platform, of course, but I’m convinced Reddit is so condescendingly regarded in polite society in large part because it operates a lot more like a traditional web forum and a lot less like the profile-centric, user-as-attraction model of most other social media. There’s a lot of TV out there. We want to help: Every week, we’ll tell you the best and most urgent shows to stream so you can stay on top of the ever-expanding heap of Peak TV.įor many years Reddit suffered an only slightly overstated reputation as a social media platform preferred by edgelords and morons. These characterizations are expressions of disbelief about the big reverberating strike on the stock market coming from, of all places, Reddit-home to so many maligned web archetypes, subject of so much hand-wringing about content moderation and reactionary boys, and yet also, apparently, the staging ground for a substantial revolt against capital and the investor class. Let’s dwell here for a moment on both the “antisocial” in the title of Mezrich’s book and the “dumb” in the title of Gillespie’s adaptation.
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I’ll leave an exploration of the movie to another colleague. Now, nearly three years after $GME peaked at $500 per share (up 1,800 percent from $17.25 a month earlier), we’re getting the big movie adaptation, Dumb Money, directed by Craig Gillespie and starring Paul Dano as the r/wallstreetbets ringleader Keith Gill, a.k.a. It took only eight months for Ben Mezrich to rush the first book about the fiasco, The Antisocial Network, onto bestseller lists. This was a righteous troll for the history books and a startling demonstration of the breakneck pace of social media mobilizations. A bunch of weirdos from Reddit, uh, made a lot of money but also forced a bunch of assholes on Wall Street to lose a lot of money by, uh, making memes about the stock market? This is all articulated much better than I can manage in a riveting glossary/explainer written contemporaneously by my colleague Katie Baker: Indeed, a bunch of amateur traders from Reddit bought and held shares in GameStop, resulting in several short sellers experiencing huge losses on a subsequent spike in the company’s stock price. If you were to ask a random sample of acquaintances what exactly happened in the front-page financial fiasco involving GameStop, Melvin Capital, and the New York Stock Exchange in January 2021, I expect you’d get a mix of ecstatically overfamiliar and financially illiterate answers.
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